Utility function assessment on a micro-computer: An interactive procedure

The procedure UFAP is presented which allows a decision maker to interactively assess his von Neumann/Morgenstern single attribute utility funciton. UFAP puts special emphasis on potential biases in the assessment process. In the first part of the procedure three different assessment methods are used to derive ranges for the utility function. Using different methods enables us to point out a possible bias in the elicitation process. In the second part a consistent class of utility functions is derived based on the ranges assessed in the first part. In case inconsistencies between methods arise the decision maker has to reconsider selected preference statements previously given.